Market Summary and Analysis overall price movement on Friday
Nifty Market Performance:
- Open: Gap up, with the day’s open equal to the day’s high indicating selling pressure.
- Intraday High: 24,853.8
- Intraday Low: 24,508.10
- Close: Approximately 24,525
Sector Performance:
- Most Losers: Auto, Metals, Realty
IndiaVIX: Surged roughly 2.14% intraday, closing above 14.82.
Upcoming Event:
- Union Budget Announcement: Scheduled for Tuesday, July 23, 2024. Anticipated to cause elevated volatility over the next 5 to 7 days.
Market Outlook:
- Major Trend: Bullish but caution advised due to high valuation levels.
- Investment Strategy: Wait for a dip if considering ETF investments or investing in stocks trading at discounted prices compared to the index.
Technical Indicators:
- Benchmark Index: Nifty formed a dark cloud cover on the daily time frame, trading nearly 1.5% above the 20-day exponential moving average.
- RSI Levels: 67 on daily, 76 on weekly.
- Candlestick Pattern: Bearish shooting star on the weekly timeframe.
Support and Resistance Levels:
- Nifty Support: 24,460 and 24,350
- Nifty Resistance: 25,625 and 24,700
- Bank Nifty Support: 51,950 and 51,650
- Bank Nifty Resistance: 52,470, 52,710, and 52,850
Investment Recommendations:
- Mediassist:
- Buy Range: 550-555
- Target: 575/590/605
- Stop Loss: 520
- Holding Period: 2-10 days
- Paytm:
- Buy Range: 450-460
- Target: 490/520/550/580
- Stop Loss: 400
- Holding Period: 2-30 days
Summary:
- Market Condition: Selling pressure prevalent; cautious approach recommended for short-term or swing trades.
- Long-Term View: Monitor discounted stocks or wait for a market dip before investing or averaging positions.
- Indicators: Gold and silver trading near all-time highs, suggesting possible market moves.
This analysis reflects the current market scenario, incorporating insights and recommendations from VLA Ambala, SEBI Registered Research Analyst.
Disclaimer: V.L.A. Ambala emphasizes that these recommendations are based on price movement, past behavior, and technical analysis.
Stay cautious and keep an eye on key levels and upcoming budget announcements to adjust your strategies accordingly.
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This analysis and recommendations are provided by SEBI registered research analyst VLA Ambala.
Tags: stock market, nifty